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If your rice cooker has that kind of timer, yes, you can do that. Just before you go to bed, add cold water (the same amount you would use if you were cooking it right away), rice and optional salt and butter. Stir well and set the timer for about 1/2 of an hour before you get up.

If you're using an external timer, be sure that it actually starts the rice cooker when it kicks on. Some appliances have to be switched on after they are plugged in.

There is not a complete consensus here that this is safe, but millions of Japanese do it, and there hasn't been a big enough outbreak of anything to warrant any kind of warning that I have ever seen. And many recipes call for 12 or more hours of room temperature soaking - including one I just did last week for sticky rice. For an extra level of protection, you can use ice water (including cubes) and measure it by weight. Just don't feed it to pregnant women or the immunocompromised, OK?

Huh, I always thought I would end up with a mushy pile of white stuff instead of rice... No reason not to try it then!
– JS LavertuJun 21 '16 at 23:49

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@AerisFang Rice is often soaked before cooking. Some people usually cook all types of rice that way. Just start with cold water and set it up just before you go to bed. See also: cooking.stackexchange.com/questions/41142/…, both answers and comments. There is a very slight safety concern, but it is hugely common to soak rice overnight on the counter. Starting with very cold water somewhat mitigates that tiny risk.
– Jolenealaska♦Jun 21 '16 at 23:54

If the rice is sufficiently heated after soaking overnight would that not kill any possible bacteria anyway (obviously not enough for immunocompromised person but what regularly prepared food is)
– SGRJun 22 '16 at 8:06

@SGR : The issue isn't the bacteria (Bacillus cereus), but the toxin that it produces (cereulide)
– JoeJun 22 '16 at 13:41